International Currency

Is there an International Currency? a currency that can be accepted internationally and nationally? meaning it can be used as a local currency to purchase goods and services and internationally to do the same. Some might say that the US dollar can be one, but you cannot use US dollar to buy goods and services locally, you have to use your national currency to do that. US dollar is considered reserve currency, it used in various financial transactions by central banks, corporations, and governments. Since World War II, the dominant reserve currency of the world has been the U.S. dollar because the U.S. economy because its financial system is stable. The EURO is another widely accepted currency in every European country that is member of the EU, but they cannot use it as a local currency outside of the EU.
Not long ago the economist Joseph Stiglitz and investor George Soros suggested creating a Super Currency that would be backed by a basket of reserve currencies at the International Monetary Fund (IMF), and form the basis for a new global monetary system, see it as a new direction for the development of the global economy and it would be used in all international trade and to settle global financial transactions, still it would not fit the description of an international currency.
Why doesn't anybody created an International Currency?
The absence of a single international currency can be attributed to several historical, economic, and political factors:

1. Sovereignty and National Interest: Each country has its own sovereignty and national interest. Giving up control over monetary policy and adopting a foreign currency could be seen as relinquishing a significant aspect of national sovereignty.
2. Economic Diversity: Different countries have different economic strengths, weaknesses, and needs. A single currency may not be suitable for all economies with varying inflation rates, growth rates, and economic structures.
3. Historical Legacy: National currencies have developed over centuries and are deeply rooted in a country's history, culture, and identity. The transition to a new international currency would require overcoming these historical and cultural attachments.
4. Political Considerations: The creation of an international currency would necessitate a high degree of international cooperation and trust among countries, which can be challenging given geopolitical tensions and differing political agendas.
5. Currency Stability: The stability of a currency is crucial for international trade and finance. Establishing a new international currency would require building confidence and trust in its stability, which can be a lengthy and complex process.
6. Global Economic Imbalances: Global economic imbalances, such as trade surpluses and deficits among countries, can affect currency values. A single international currency might exacerbate these imbalances rather than resolve them.
7. Practical Challenges: Implementing a new international currency would involve practical challenges, such as currency conversion, infrastructure development, and regulatory frameworks, which can be difficult to overcome.

This factors are the reason's why there is no existing International Currency in the world, even if the countries of the world set aside their differences the uneven economic development of each countries of the world will be a hindrance to it's creation. The best the world can come up with is the IMF's Special Drawing Rights (SDRs), it is another form of international reserve asset but it's not a currency in the traditional sense.
Bitcoin and other Cryptocurrency as an International Currency
Bitcoin and other cryptocurrency has the potential to be an international currency, it's characteristics give it an advantage to be one. Nobody has a monopoly to it, it has no country, except from it is developed in the US, it's not a currency in that country, only El Salvador considers Bitcoin as a national currency. Bitcoin and other cryptocurrencies have gained significant attention as potential alternatives to traditional fiat currencies and as potential candidates for an international currency, it has several features and advantages that make them attractive for local and international transactions;

1. Decentralization: Cryptocurrencies operate on decentralized blockchain networks, which can facilitate peer-to-peer transactions without the need for intermediaries like banks or financial institutions.
2. Borderless Transactions: Cryptocurrencies can be used for cross-border transactions without the need for currency conversion, making them potentially more efficient and cost-effective for international trade and commerce.
3. Transparency and Security: Blockchain technology provides a high level of transparency and security for transactions, reducing the risk of fraud and unauthorized activities.
4. Financial Inclusion: Cryptocurrencies can potentially increase financial inclusion by providing access to financial services for unbanked and underbanked populations around the world.

This characteristics makes Bitcoin and other cryptocurrency an international currency, right now there are brick-and-mortar stores around the world that accept cryptocurrencies with just a sign that says “Bitcoin Accepted Here” and a QR code, Bitcoin is accepted as a means of payment for goods and services at many merchants, retailers, and stores around the world.
Conclusion
It's inevitable that an international currency will someday emerge whether it will be Bitcoin or other digital currency or maybe different at all is anybody's guess, but what is sure is that the present international transactions is limiting and excluding some of the countries and people of the world. Whatever limitations of bitcoin and other cryptocurrency has, it is functioning right now as an international currency of the world.


Source
https://www.investopedia.com/ask/answers/08/is-there-a-world-currency.asp
https://www.investopedia.com/terms/b/bitcoin.asp
Images
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